Scandinavian Astor Group (ASTOR) Q2 2025 earnings summary

Executive summary

• Net sales grew 77% year-over-year in Q2 2025, with 33% organic growth and strong order intake up 85%.

• Pro forma 2024 net sales expected at SEK 460 million, with significant M&A activity and investment capacity exceeding SEK 450 million.

• Market cap stands at approximately SEK 2 billion, with operations in four countries and around 200 employees, not including recent acquisitions.

• Major acquisitions and investments included Carbonia Composites, Nordic Shield Group, and Ammunity SIA, expanding presence in defense and composites.

• Order book at quarter-end was SEK 289 million, rising to SEK 374 million after July orders.

Financial highlights

• Q2 2025 net sales: SEK 90.6 million (Q2 2024: SEK 51.2 million); H1 2025 net sales: SEK 165.3 million (H1 2024: SEK 87.6 million).

• EBITDA and adjusted EBITDA rose by several hundred percent compared to the same period last year.

• Q2 EBITDA: SEK 8.9 million; adjusted EBITDA: SEK 10.9 million; rolling 12-month adjusted EBITDA margin at 14.6%.

• Third consecutive quarter of bottom-line profitability.

• Cash flow from operations in Q2: SEK 6.9 million; H1: SEK 13.4 million.

Outlook and guidance

• Financial targets for 2028: sales of at least SEK 2,500 million and EBITDA margin of at least 15%.

• Strong second half of the year anticipated, with full effects from recent acquisitions and new product deliveries expected from July.

• Ongoing transition to a regulated market listing expected by year-end 2025, with most costs already incurred.

• Ocellium Electronic Warfare expected to contribute regularly starting Q3.

• Full effect from 30% stake in Nordic Shield Group and 100% acquisition of Carbonia to be realized from July 2025.